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Apple Stages Historic Rally Off $92

August 24, 2015 2:34 pm
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em>Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Apple Inc. (NASDAQ: AAPL) shares are trading lower by $0.50 at $105.26 in Monday’s session. It has rallied $16.80 from its low off the open ($92.00) to $108.80 before falling back to its current level.

After a sharply lower open ($94.87 vs. Friday’s close of $105.76), it revisted levels not seen since June 30, 2014 at $92.09. That was put in place as the issue was on its march to its all time high made on Arpil 28 ($134.54) that was made following a better-than-expected Q2 earnings report.

The issue, which turned north well ahead of the broad market, was deluged with sell-stops and margin selling that were the major factors for such a sharp decline. After all,. how can a company like Apple shed 13 percent of its value overnight.?

Interestingly, Apple began trading at the $92 after it 7 for 1 stock split in early June of last year.

For now, longer term investors just may keeping an eye on Friday’s close ($105.76), the area in which it is now trading to determine the next move in the biggest component of the S&P 500 Index.

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